| What to watch today: Stocks set to fall as investors brace for jobless claims | | |  | THU, AUG 06, 2020 | | | | AS OF THU, AUG 06, 2020 • 07:50 ET | | Dow Jones Fut | | 27,201.52 | | Current: | 26,940.00 | | Change: | -115.00 | | Impl. Open: | -152.52 | | | S&P 500 Fut | | 3,327.77 | | Current: | 3,301.50 | | Change: | -14.50 | | Impl. Open: | -19.27 | | | NASDAQ 100 Fut | | 11,125.44 | | Current: | 11,053.75 | | Change: | -38.00 | | Impl. Open: | -59.69 | | | Russell 2000 Mini | | 1,546.24 | | Current: | 1,534.20 | | Change: | -7.90 | | Impl. Open: | -5.84 | | Dow futures are indicating a drop of about 140 points at the open today, following Wednesday's session in which the Nasdaq set yet another record high and the S&P 500 inched within 2% of its February record high. S&P 500 and Nasdaq were also lower as Wall Street awaited weekly jobless claims. Futures had been trading marginally higher in the morning before their negative turn. (CNBC)
* European stocks slightly lower after Bank of England holds rates (CNBC) | | | The Dow and the S&P 500 have been up for four straight days, advancing 1.39% and 0.64%, respectively, on Wednesday. The Nasdaq, which traded above 11,000 for the first time on Wednesday, has amassed a six-day win streak. All this comes ahead of Friday's key July jobs report.
* Treasury yields fall ahead of unemployment data (CNBC) | | | | Another important labor-related report comes today, when the government issues its weekly report on initial jobless claims at 8:30 a.m. ET. Consensus estimates call for 1.423 million new claims for the week ending August 1, slightly lower than the prior week's 1.434 million. | | | President Donald Trump threatened executive action if Democrats and Republicans cannot soon come to an agreement on another coronavirus relief bill, saying he would act to extend the federal eviction moratorium, suspend the collection of payroll taxes and re-institute a federal supplement to unemployment insurance. It is unclear how he could specifically act but Trump's comments at the White House on Wednesday come as administration officials and Democratic leaders on Capitol Hill continue to fail to reach a broader agreement. House Speaker Nancy Pelosi, D-Calif., told reporters Wednesday she felt "optimistic that there is a light at the end of the tunnel." But, she added, "how long the tunnel is remains to be seen." (The Washington Post)
* Vulnerable GOP senators offer more generous unemployment plan than their party proposed (CNBC) | | | | Facebook (FB) took down an interview posted on Trump's page in which he claimed children are "almost immune" to the coronavirus. Twitter later Wednesday took action by blocking Trump's re-election campaign account from posting again until it removed the tweet containing the video of the Fox News interview. It marks one of the few times Facebook has moderated content from Trump, telling NBC News the post violated its rules around false information on Covid-19. Similarly, Twitter said the re-election account's tweet violated rules around coronavirus misinformation. (CNBC) | | | Scientists have been assured by regulators that the timeline to approve for a potential coronavirus vaccine will not be influenced by politics, Dr. Anthony Fauci told Reuters in an interview, as the development process proceeds at rapid pace ahead of a November presidential election. "We've spoken explicitly about that, because the subject obviously comes up, and the people in charge of the regulatory process assure us that safety and efficacy is going to be the prime consideration," said Fauci, director of the National Institute of Allergy and Infectious Disease. Fauci said he was "certain" of what the White House wants to see for vaccine approval, but added there has been no pressure to "to do anything different than what we're doing." (Reuters)
* The U.S. has the worst coronavirus outbreak in the world: 'The numbers don't lie,' Dr. Fauci says (CNBC) | | | | Bristol-Myers (BMY) and Pfizer (PFE) won a key patent case involving the blood thinner Eliquis, with a judge ruling that drug companies Sigmapharm, Sunshine Lake Pharma, and Unichem had infringed the product's patents. Bristol and Pfizer have a profit-sharing agreement involving Eliquis. | | | | Sonos (SONO) saw quarterly sales beat Wall Street expectations, as the high-end speaker maker shifted its focus to digital sales amid pandemic-related store closures. Sonos did, however, report an overall loss for the quarter. | | | | Live Nation (LYV) reported a quarterly loss of $2.67 per share, wider than the loss of $2.08 predicted by Wall Street analysts. The live event promoter also saw revenue come in well below estimates, with the pandemic virtually eliminating large gatherings and events. | | | | Roku (ROKU) lost 35 cents per share for its latest quarter, smaller than the 50 cent loss that analysts had anticipated. Revenue also beat forecasts, but the shares have come under pressure after the streaming video device maker said advertising industry uncertainty will persist through the third and fourth quarters. | | | | Zynga (ZNGA) raised its full-year bookings forecast, after better than expected quarterly results. The digital game maker got a pandemic-related boost from increased engagement by players stuck at home during the pandemic. | | | | Etsy (ETSY) reported quarterly profit of 75 cents per share well above the 39 cent consensus estimate. The online marketplace's revenue also beat Wall Street forecasts, as it saw nearly 19 million new and reactivated buyers. | | | | Costco (COST) reported a July comparable sales increase of 13.2%, more than twice what Wall Street had anticipated. The warehouse retailer also saw a more than 75% jump in digital sales. | | What does it take to complete an $18.5 billion merger during a pandemic? At least for executives at Livongo and Teladoc, the answer is numerous late-night Zoom calls and a socially distant meeting at Detroit hotel without handshakes and with sanitized markers. The deal from the digital health firms, which was announced Wednesday, came together in less than three months. (CNBC) | |  | | |
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